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State statute · Kentucky

KRS Chapter 304, Subtitle 12, sections not held in ky-ins-01: 304.12-150 lender insurance, 304.12-230 unfair claims settlement practices and the rest: Trade Practices and Frauds

Publisher
Kentucky Legislative Research Commission
Edition
Kentucky Revised Statutes, current version served by the Legislative Research Commission
Last checked
2026-09-29
Status
Kentucky Revised Statutes, public domain
Edition and licensing notes

Publisher. Kentucky Legislative Research Commission (Kentucky Revised Statutes, apps.legislature.ky.gov)

Edition. Kentucky Revised Statutes, current version served by the Legislative Research Commission; retrieved 2026-09-29

Status. Kentucky Revised Statutes, public domain.

Read the official textPractice questions from this source

What this document is

KRS Chapter 304, Subtitle 12 - Trade Practices and Frauds (sections not held in ky-ins-01: 304.12-150 lender insurance, 304.12-230 unfair claims settlement practices and the rest) is a state statute published by Kentucky Legislative Research Commission (Kentucky Revised Statutes, apps.legislature.ky.gov). It is one of the Kentucky documents that insurance license exam questions are written from, including kentucky property & casualty, kentucky personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

  • KRS 304.12-150 (Notice of free choice of agent or insurer)
    “There shall be no interference either directly or indirectly with the borrower's, debtor's, or purchaser's free choice of an agent and of an insurer, the creditor or lender shall not collect a separate charge for the handling of insurance required in connection with a loan or extension of credit...”
  • KRS 304.12-230(12) (Unfair claims settlement practices)
    “(12) Delaying the investigation or payment of claims by requiring an insured, claimant, or the physician of either to submit a preliminary claim report and then requiring the subsequent submission of formal proof of loss forms, both of which submissions contain substantially the same information;”
  • KRS 304.12-235(2) (Time of payment of claims)
    “If an insurer fails to make a good faith attempt to settle a claim within the time prescribed in subsection (1) of this section, the value of the final settlement shall bear interest at the rate of twelve percent (12%) per annum from and after the expiration of the thirty (30) day period.”
  • KRS 304.12-230(13) (Unfair claims settlement practices)
    “Failing to promptly settle claims, where liability has become reasonably clear, under one (1) portion of the insurance policy coverage in order to influence settlements under other portions of the insurance policy coverage;”
  • KRS 304.12-220 (Definition)
    “For the purpose of KRS 304.12-230, "person" shall not mean an insured.”
  • KRS 304.12-211(2)(b) (Domestic violence and abuse as reason for insurer's limitation or denial of coverage)
    “(b) If a property or casualty insurance policy excludes property coverage for intentional acts, the insurer shall not deny payment to an innocent co-insured if the loss arose out of a pattern of domestic violence and abuse and the perpetrator of the loss is criminally prosecuted for the act causing...”

Practice this material

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Questions about this source

KRS Chapter 304, Subtitle 12 - Trade Practices and Frauds (sections not held in ky-ins-01: 304.12-150 lender insurance, 304.12-230 unfair claims settlement practices and the rest) is a state statute published by Kentucky Legislative Research Commission (Kentucky Revised Statutes, apps.legislature.ky.gov). Edition: Kentucky Revised Statutes, current version served by the Legislative Research Commission; retrieved 2026-09-29.

No. This page summarizes the document and links to the official version. Always rely on the text published by Kentucky Legislative Research Commission (Kentucky Revised Statutes, apps.legislature.ky.gov) for the current law.

Practice questions for Kentucky Property & Casualty, Kentucky Personal Lines cite this document.

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